城镇化融资中的制度设计

System Design of the Bond Market in Urbanization Financing

城镇化关系到我国经济未来发展,党和国家领导人也多次强城镇化的重要意义。然而,城镇化水平的持续提高,需要大量的资金投入。在国内财政收入增速放缓以及地方政府性债务负担不断加重的背景下,如何满足城镇化建设融资需求,成为城镇化能否顺利进行的关键。通过分析,我们认为债券市场能为城镇化提供更大支持,而债券市场作用的进一步发挥有赖"市政债"制度的进一步完善。

Party and state leaders have repeatedly stressed the importance of urbanization in the future development of China's economy. However, this requires a great deal of capital as the scale of urbanization continues to expand. With the slowdown in the growth of fscal revenue and an increasing debt burden for local governments, meeting the fnancing needs of urbanization becomes a key hurdle. In this paper, we contend that the bond market can provide greater support for urbanization. The enhanced role of the market depends on further improvement of a 'municipal bond' system.